Crude oil closed slightly higher on a boost boosted by tight inventories and strong demand expectations

In the early morning of November 19, Beijing time, crude oil futures prices closed higher
on Thursday.
Earlier, the news that the Biden administration urged other countries to join in releasing strategic reserve crude oil sent crude oil futures prices down yesterday to their lowest value
in about 6 weeks.
According to people familiar with the matter, the Biden administration has asked Asian countries such as India and Japan to release strategic crude oil reserves to coordinate efforts to keep crude prices
down.

Carsten Fritsch, commodity analyst at Deutsche Bank, said: "A coordinated multinational approach will certainly have a greater impact
on the crude oil market than the United States releasing strategic crude oil reserves alone to suppress oil prices.
" But crude oil futures turned from falling to rising
on Thursday.

Phillip Streible, chief market strategist at Blue Line Futures, said: "Crude oil futures prices are expected to rise
gradually from now on.
Tight crude inventories and growing demand will benefit
oil prices.
”

On Thursday (November 18), West Texas Intermediate (WTI) crude futures for December delivery on the New York Mercantile Exchange rose 65 cents, or 0.
8%, to close at $79.
01 a barrel, with an intraday low of $
77.
08.
December WTI futures expire after
Friday's close.

January Brent crude futures, the benchmark for global crude prices, rose 96 cents, or 1.
2 percent, to settle at $
81.
24 a barrel.

U.
S.
WTI crude and Brent crude both closed at their lowest levels
since early October on Wednesday.
Gasoline futures for December delivery rose 0.
6 percent to settle at $
2.
294 a gallon on the New York Mercantile Exchange.
December heating oil futures rose 0.
8 percent to settle at $
2.
384 a gallon.